According to the US Energy Information Administration, China will import more oil per month than the US beginning in October 2013, making it the world's largest oil importer by 2014. The report indicated that higher Chinese demand, increased US oil production and a flattening oil demand level in the US market account for the change.

US total annual oil production is expected to rise by 28% between 2011 and 2014 to nearly 13 million barrels per day, primarily from shale oil, tight oil and Gulf of Mexico deepwater plays. Chinese oil production is expected to increase by 6% and is forecast to be a third of US production in 2014.

The EIA report predicted that China's liquid fuels use during 2011-2014 will grow to more than 11 million barrels per day while the US demand will remain at around 18.7 million barrels per day, well below the peak US consumption level of 20.8 million barrels per day in 2005.

Beyond 2014, higher US oil production and stagnant or declining US oil consumption, and China's projected growth and slow oil production growth, suggest that once China replaces the US as the world's largest net oil importer, the gap will grow between net oil imports for the two countries.

–Larry Prado

1 Canada

An Upper Montney discovery in the Deep Basin in Alberta had a gross 24-hour flowrate of 444 bbl. of condensate and 3.71 million cu. ft. of gas per day. According to Calgary-based Donnycreek Energy Inc., #14-2 Kakwa is within the Kakwa/Resthaven trend. Tested on an unreported choke size, the flowing pressure was between 800 kPa and 6,800 kPa. The prospect averaged gross production rates of 327 bbl. condensate and 2.8 million cu. ft. per day of gas during the final 98 hours of testing. Additional completion information is not available.

2 Brazil

Petrobras announced an oil discovery in the Carioca Discovery Evaluation Plan area of Block BM-S-9 at the offshore well #3-SPS-101 (3-BRSA-1179-SPS) Iguacu Mirum in the Santos Basin pre-salt area. The 5,576-ft. well is in 2,158 meters of water and 20-degree-gravity oil was recovered from a cable test from pre-salt carbonate reservoirs starting at a depth of 4,850 meters. Additional completion information is not available. Rio de Janeiro-based Petrobras is the operator for the consortium holding Block BM-S-9 and #3-SPS-101 Iguacu Mirum discovery well with 45% interest in partnership with BG E&P Brasil holding 30% and Repsol Sinopec Brasil with the remaining 25%.

3 Brazil

According to Oil and Gas International, Petrobras made an oil and gas discovery in the ultra deepwater Block BM-SEAL-11 in the Sergipe-Alagoas Basin offshore Brazil's Aracaju coast, appraisal well #1-Farfan. The well is still being drilled to total depth and the company will run a drill-stem test to confirm the flow potential of the reservoir. The #1BRSA1104SES is in 2,476 meters of water and will be drilled to 6,056 meters. The results obtained in this well confirm the extension of the light oil reservoirs that were previously discovered in the Farfan well. Petrobras is the operator of BM-SEAL-11, Bock SEAL-M-349 and the Far-fan discovery well with 60% interest in partnership with IBV do Brasil holding the remaining 40%.

4 North Sea

A large North Sea gas discovery was announced by E.On Exploration & Production. The #1-Tolmount could contain considerably higher volumes than originally estimated after completing an 855-meter sidetrack. The discovery is in Block 42/28d. When the first exploration well was drilled into Permian Leman Sandstone of the Tolmount Prospect in 2011, a gas column of more than 200 ft. was penetrated and flowed on-test approximately 50 million cu. ft. per day. The appraisal well has apparently hit a significantly larger volume that will be capable of an even greater output. E.On is the operator with a 50% share of 42/28d and Dana Petroleum Ltd. holds 50%. E.On is based in Dusseldorf, Germany

5 North Sea

ConocoPhillips announced a gas field discovery at the Lacewing Prospect in Block 23/22b in the North Sea. Exploration well #23/22b-6Z was drilled to 14,370 ft. on the maritime boundary with Norway. The venture hit a 100 ft. gas column in a Triassic interval that contained reservoir-quality sands. The well is being plugged and abandoned as a hydrocarbon discovery and the Houston-based company will evaluate results to determine commerciality. Operator ConocoPhillips holds a 47.3% interest in partnership with Premier Oil, 20.2%, and BG International with the remaining 32.5%.

6 Congo

An offshore Congo oil and gas discovery by Rome-based Eni has estimated volumes of 600 million bbl. of oil and 700 billion cu. ft. of gas. The exploration prospect is in Marine XII Block. Eni also indicated the structure has additional upside that will be evaluated with addition delineation wells. The discovery well, #1-Nene' Marine, was drilled in 24 meters of water to 3,013 meters. Significant wet gas and light oil accumulations were found in the pre-saline clastic sequence of Lower Cretaceous age. Eni plans additional appraisal work and studies. Eni operates Marine XII Block with 65% interest in partnership with New Age holding 25% and Societe Nationale des Petroles du Congo with a 10% stake.

7 Kenya

In Kenya's onshore Block 10BB, exploration well #1-Etuko hit approximately 50 meters of net pay in Miocene-age sandstones in Lower Lokhome. The new pay zone is in addition to the 40 ft. of net pay previously confirmed in the shallower Auwerwer and Upper Lokhone reservoirs. London-based operator Tullow Oil Ltd.'s #1-Etuko is 14 kilometers east of a previous discovery at #1-Twiga South. The #1-Etuko was the first test of the Basin Flank Play in the eastern part of the basin. A flow test will be run later this year to determine the production potential. A rig will be moved to drill #1-Ekales, an exploration well in the Basin Bounding Fault play.

8 Tanzania

BG Group Plc announced results from exploration well #1-Mkizi in offshore Tanzania Block 1. The well was drilled in 1,301 meters of water and is between the Mzia and Jodari discoveries. The well hit gas pay in three reservoir intervals within a Tertiary aged stacked channel complex. The total net pay was 33 meters and reservoir quality was high with excellent porosities and permeabilities in all intervals. Estimates for the mean recoverable resource from the discovery are in line with pre-drill expectations of 600 billion cu. ft. Two appraisal wells are planned including a drillstem test on discovery #1-Pweza in Block 4 to further determine volumes in Block 4. London-based BG Group is the operator of Blocks 1, 3, and 4 with 60% interest in partnership with Ophir, holding the remaining 40%.

9 Myanmar

A development well, #1172CHK, had a reported flow rate of 110 bbl. of oil per day from a site in Chauk Field in western Myanmar. The Interra Resources venture was drilled to 2,600 ft. and is an offset to #1166CHK that was completed in early 2013. The #1172CHK was designed to accelerate production from the reservoirs that produce from #1166CHK and several nearby producing wells. After five days of production testing, #1172CHK was completed through casing perforations over seven reservoir sectors of 41 ft. and averaged more than 200 bbl. of oil per day. Singapore-based Interra holds 60% interest in the Chauk Field and Myanmar Oil & Gas Enterprise, the national oil company, holds the remaining 40%.

10 Thailand

A Salamander Energy oil discovery at exploration well #50-5/G4 hit approximately eight meters of oil pay on the Surin Prospect in Block G4/50 in the Gulf of Thailand. Production is from good quality Miocene flu-vial sandstones in the primary N40 target zone between 1,525-1,533 meters. Oil samples from the zone indicate 31-degree-gravity API oil. Mapping of the Surin fault block indicates between 15-20 meters of column height above the location of the well penetration. Further evaluation is required to determine the potential resource volume encountered at the site. The well has been plugged and abandoned as an oil discovery and was drilled to 2,125 meters. Salamander Energy's headquarters are in London.

11 New Zealand

Tag Oil Ltd. plans to drill 12 wells in New Zealand's Taranaki Basin including nine conventional wells on three new permits. Two deep Kapuni formation (Cardiff and Heatseeker) wells will be drilled with East West Petroleum (100% TAG-owned), and at least one unconventional well in the East Coast Basin (TAG operated with 100% interest). According to Tag, five wells are to be drilled in its 70% owned and operated Cheal North PEP54877, three in Cheal South (50% interest) PEP54879, and one each in the Southern Cross (PEP54876); Cardiff (PEP38156); Heatseeker (PEP54873), and Waitangi (PEP38348). It holds 50% interest in the Southern Cross permit and 100% in the others. The Vancouver, British Columbia-based company's best estimate prospective resources respectively are 11.31 million bbl. of oil (Cheal North); 3.03 million bbl. (Cheal South); 2.20 million bbl. (Southern Cross); 214.50 billion cu. ft. of gas (Cardiff) 12.80 million bbl. of oil (Heatseeker), and 107.30 billion cu. ft. (Waitangi), with the remainder of PEP38348 yet to be determined.